Goldman Sachs' Financial Boom: A Political Mess for Obama

Discussion in 'Current Events' started by Yurt, Jul 17, 2009.

  1. Yurt
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    Yurt Gold Member

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    Goldman Sachs' Financial Boom: A Political Mess for Obama

    In a clear departure from the historical norm, the White House is not cheering the return of huge profits to Wall Street. On the contrary, the recent windfalls at Goldman Sachs and JPMorgan, and the promise of giant year-end paydays for banking executives and traders, has caused a bit of consternation in the West Wing, coming as it does so soon after the taxpayer bailouts saved the entire financial system from total collapse.

    ...

    On July 14, Goldman Sachs posted second-quarter profits of $3.44 billion, more than the company made in all of 2008 and about on par with the precrisis gilded age, while announcing that it had set aside $11.4 billion this year to compensate workers, or $386,489 per employee. The huge profits were hailed on Wall Street as another sign that the crisis might be ending. On July 15, the Dow Jones industrial average jumped 3.1%, and other banking giants are expected to issue their own similarly glowing reports. On July 16, JPMorgan announced that it had earned $2.7 billion in the second quarter

    Goldman Sachs' Financial Boom: A Political Mess for Obama? - Yahoo! News

    so obama saying they are going to fail without his stimulus and bush saying they are going to fail without his stimulus......hmmmmmmm

    quite a profit for a failing company....and yes, even with the loans and the government forcing the buyout (thanks annie for bringing that to my attention) there should not be this recorded profit....if the company was that close to failure

    maybe toro could enlighten us, i am not an expert in this field
     
  2. Xenophon
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    Xenophon Gone and forgotten

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    Pretty much proof that they didn't need to be 'bailed out.'

    Once again the tax payers are suckers.
     
  3. concept
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    concept Evil Mongering

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    How will this affect the messiah?

    Will we actually see some ivestigative jounalism for a change?
     
  4. Xenophon
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    Xenophon Gone and forgotten

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    Sure.

    I hear they are after Cheney as we speak.
     
  5. concept
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    concept Evil Mongering

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    All te investigative journos are still up in Alaska I guess. I'm sure they'll get right on it when they return.
     
  6. WillowTree
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    WillowTree Diamond Member

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    naawwwww they are still encamped in Wasilla! the battle rages on, the bugle boy needs some kool aid.
     
  7. chanel
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    chanel Silver Member

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    Ha ha Or covering the "Michael Jackson murder"

    Ironically it was Rolling Stone who connected the dots on the Goldman Sachs con. You'd think they'd be more concerned with MJ. I heard an Obama supporter say "What's good for GS is good for the whole economy" I guess they are capitalists this week.
     
  8. midcan5
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    midcan5 liberal / progressive

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    Why is this Obama's issue? This started with Bush / Paulson and is part of the conservative / republican / libertarian worship of business and corporate power. I think you guys need to get your values straight or maybe think and read a bit before posting BS.


    'Matt Taibbi on how Goldman Sachs has engineered every major market manipulation since the Great Depression'

    Inside The Great American Bubble Machine : Rolling Stone
     
  9. cbi0090
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    cbi0090 Member

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    No, this all started back much further than that with the creation of Fannie May and Freddie Mac. To me the banks royally screwed up and if they went under so be it, someone else would gladly be standing in the wings to take their place. Goldman probably didn't even need the governments money as they paid it all back within a few months. It was almost like they were just going along with Obama's mantra of financial disaster just to appease everyone. Same with GM. They should have gone under. Let someone else come in and rebuild it. As it is, the whole stimulus thing is a scam. It was a lot of noise to get public support to save certain special interests and get specific pet projects built.
     
  10. brownlou
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    brownlou Member

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    hmmm..I don't think so......I know that G/S got a big pay out by AIG and AIG was Bush's baby...I am not certain when Goldman Sachs got a bailou.........But that is not the thing.

    The thing is the greed on Wall Street and the political influence from Wall Street in both our parties. The rich get heard and get helped. The poor get heard and get helped. The middle class gets to pay the bills for both groups.

    I think I might be leaning towards taxing rich greedy fucks a little more now. Especially since they are getting bonuses from companies that got bail out by my tax money. Usually I am against such a thing but this greed and bonuses are getting way out of hand. Maybe if they were taxed more, I wouldn't feel bail outs were such a burden on the rest of us.
     

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